Oando Plc has applied to the Nigerian Exchange Limited (NGX) for approval to raise approximately N220.8 billion through a proposed rights issue, marking one of the largest equity offers on the exchange in recent times.
In a corporate filing dated February 17, 2026, and signed by Company Secretary Folasade Ibidapo-Obe, the company disclosed that it applied on February 13 for the approval and listing of 4,415,867,342 new ordinary shares of 50 kobo each.
The shares will be offered at N50 per share on the basis of one new share for every two existing shares held as of the close of business on February 13, 2026, which serves as the qualification date.
At N50 per share, the offer translates to gross proceeds of about N220.79 billion.
The proposed capital raise remains subject to approvals from the Securities and Exchange Commission (SEC), the NGX, JSE Limited, where Oando has a secondary listing, and the South African Reserve Bank for affected shareholders in South Africa.
Oando said details such as the record date, acceptance period and payment timetable will be communicated once the necessary regulatory clearances are obtained. The company did not disclose how it intends to deploy the proceeds.
The 4.42 billion new shares represent a significant increase in the company’s issued share capital. Shareholders who choose not to participate in the offer risk dilution of their holdings.
Eligible shareholders as of February 13, 2026, will receive rights in proportion to their current shareholding. They may subscribe fully or partially, trade their rights (subject to final terms), or allow them to lapse.
The move comes amid a resurgence in equity capital raising on the NGX, following recapitalisation exercises across major sectors in 2025.
Energy companies, in particular, have been exploring fresh funding avenues as they navigate oil price volatility and evolving policy dynamics.
Oando’s shares recently closed at N44.00, rising about 10% after news of the proposed offer filtered into the market. However, the N50 issue price represents a premium to the current market price, a factor that may influence investor appetite when the subscription window opens.
If fully subscribed, the rights issue would bolster Oando’s equity base and provide fresh capital without increasing its debt burden. Analysts note that such funds could support operations, strengthen the balance sheet or finance investments across its upstream, midstream and downstream businesses.
Given Oando’s dual listing in Nigeria and South Africa, regulatory coordination across both jurisdictions may shape the final timeline for the offer.
Investors are expected to monitor subsequent announcements from the company, the NGX and the SEC for further clarity on the transaction.
